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i think that's a mistake. >> steve, ben bernanke said today if we do go over the fiscal cliff, even if it's for a short period of time, it's going to be very costly and they do not have the tools to basically dig us out of it. do you believe if we go over the fiscal cliff it won't be as easy as the governor is suggesting? >> we're in trouble anyway this quarter and the next quarter and putting on taxes of any kind would be the wrong thing to do. sometimes the governor is a former physician, current physician, and you learn first go don't harm the patient. putting on taxes would harm the patient. we've seen that around the world. >> what do we do with the deficit problem we have? >> the only way to get rid of a deficit ultimately, spending restraint. you've got to do entitlement reform. that will take months, not a few weeks, but it's grow the economy. if we had revenues equal to what we normally do, 18%, 19% of gdp, that cuts the deficit in half. there's no way you can tax and cut spend out of this contraction. the last time we tried that was the early 1930s. did not work. >> let me di
i think that's a mistake. >> steve, ben bernanke said today if we do go over the fiscal cliff, even if it's for a short period of time, it's going to be very costly and they do not have the tools to basically dig us out of it. do you believe if we go over the fiscal cliff it won't be as easy as the governor is suggesting? >> we're in trouble anyway this quarter and the next quarter and putting on taxes of any kind would be the wrong thing to do. sometimes the governor is a former...
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darren gersh explains the dramatic move. >> reporter: ben bernanke and his colleagues will no longer mark a date on the calendar for when they expect to begin raising interest rates. from now on, they'll make that call based on a target for the unemployment rate and inflation. >> it'll act to some extent as an automatic stabilizer. so if the outlook worsens and that leads markets to think that the increase in rates is further out in the future, that will tend to lower longer term rates, and that will tend to be supportive of the economy. so that has an automatic stabilizer-type effect. it offsets adverse shocks. >> reporter: as it turns out, the fed expects the unemployment rate to fall below 6.5% until 2015, exactly when the fed said a few months ago it expected to begin raising interest rates. so this isn't much of a change in policy. bernanke also said the central bank will continue buying bonds, $85 billion a month, to help bring down interest rates and boost growth. and the fed plans to keep doing that until the labor market shows a solid pickup or there are other signs of troub
darren gersh explains the dramatic move. >> reporter: ben bernanke and his colleagues will no longer mark a date on the calendar for when they expect to begin raising interest rates. from now on, they'll make that call based on a target for the unemployment rate and inflation. >> it'll act to some extent as an automatic stabilizer. so if the outlook worsens and that leads markets to think that the increase in rates is further out in the future, that will tend to lower longer term...
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ben bernanke will feel it's his job to do whatever he can. that's the nature of the team, that's the nature of what they've been doing. are there any extra goodies that they might think of in your view? >> the extra goody they're talking about i would describe as operation twist. what they have been doing is driving down long-term rates, by essentially settling short-term treasuries and buying long-term treasuries. the possibility that steve just described, and it is a possibility, is that because they're running out of the short term, they will only buy the long term. that will certainly be an expansion. but the question is, will that expansion add a lot to the -- >> let me ask you about that. on a scale of 1 to 10, how powerful a tool is that? if they announce it today, mark? >> it has a significant psychological effect. but it's only psychological. it will be a long time before that would have any fundamental effect on the underlying economy. >> you know, mark, let me rather than going immediately to john on this question, let me ask you w
ben bernanke will feel it's his job to do whatever he can. that's the nature of the team, that's the nature of what they've been doing. are there any extra goodies that they might think of in your view? >> the extra goody they're talking about i would describe as operation twist. what they have been doing is driving down long-term rates, by essentially settling short-term treasuries and buying long-term treasuries. the possibility that steve just described, and it is a possibility, is...
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ben bernanke celebrating his 59th birthday today. we want to know, what do you think bernanke will be wishing for when he blows out his birthday candles which, of course, is what you do if you're on the board of the fomc? tweet us, @squawkstreet. we'll read some of your answers next. sors. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick to get my spot? [ male announcer ] break from the holiday stress. save on ground shipping at fedex office. [ male announcer ] break from the holiday stress. ...so as you can see, geico's customer satisfaction is at 97%. mmmm tasty. and cut! very good. people are always asking me how we make these geico adverts. so we're taking you behind the scenes. this coffee cup, for example, is computer animated. it's not real. geico's customer satisfaction is quite real though. this computer-animated coffee tastes dreadful. geico. 15 minutes could save you
ben bernanke celebrating his 59th birthday today. we want to know, what do you think bernanke will be wishing for when he blows out his birthday candles which, of course, is what you do if you're on the board of the fomc? tweet us, @squawkstreet. we'll read some of your answers next. sors. can i help you? i heard you guys can ship ground for less than the ups store. that's right. i've learned the only way to get a holiday deal is to camp out. you know we've been open all night. is this a trick...
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Dec 11, 2012
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ben bernanke grabbing the spotlight on wall street tomorrow. he's expected to announce additional treasury buying. our panel next telling us how that will impact your money. back in a moment. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the difference. just use your citi card and register your purchase online. additional treasury buying. [ male announcer ] now all you need is a magic carriage. citi price rewind. start saving at citi.com/pricerewind. >>> welcome back. we have breaking news on the fiscal cliff negotiations. eamon? >> we have a statement from john boehner's office. they're saying that they have made a counter proposal now to the white house. let me read you the statement. they say, we sent the white house a counter offer that would achieve tax and entitlement reform to solve our loo
ben bernanke grabbing the spotlight on wall street tomorrow. he's expected to announce additional treasury buying. our panel next telling us how that will impact your money. back in a moment. [ male announcer ] it's that time of year again. time for citi price rewind. because your daughter really wants that pink castle thing. and you really don't want to pay more than you have to. only citi price rewind automatically searches for the lowest price. and if it finds one, you get refunded the...
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if we look at -- you know ben bernanke. this is it. the last scheduled meeting unless there is an emergency. what do you say? >> there are a couple things to watch here. this is all about getting housing going again. this is why they are buying mortgage bonds. they talked about it in several statements. the economy -- you are starting to see a cat that housing recovery. we are going into the slow season, winter is usually the slow season for housing. if they do more than expected will be in mortgage bonds. dennis: which would you rather have the fed buy more of? mortgage-backed securities for u.s. treasurys? >> for much there same reason constance said, mortgage-backed securities. treasury rates are low and housing is where you get the multiplier effect in this economy. if you get more housing sales whether it is new or existing homes you will see more transportation of raw materials. >> the fed watches a new round of bond buying. a new bond buying program, a new round of quantitative easing as expected. $45 billion a month in treasury
if we look at -- you know ben bernanke. this is it. the last scheduled meeting unless there is an emergency. what do you say? >> there are a couple things to watch here. this is all about getting housing going again. this is why they are buying mortgage bonds. they talked about it in several statements. the economy -- you are starting to see a cat that housing recovery. we are going into the slow season, winter is usually the slow season for housing. if they do more than expected will be...
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ben bernanke, wow, i think he spooked the markets today. he said something that erased the entire rally. but did people really hear him right? that's up next. we're going to try to figure out bernanke. i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking out for more than 70 million americans. that's health in numbers. unitedhealthcare. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> welcome back to "the kudlow report." in this half hour, look at these violent scenes from michigan. the right to work battle was far from peaceful
ben bernanke, wow, i think he spooked the markets today. he said something that erased the entire rally. but did people really hear him right? that's up next. we're going to try to figure out bernanke. i was worried the health care system spoke a language all its own with unitedhealthcare, i got help that fit my life. information on my phone. connection to doctors who get where i'm from. and tools to estimate what my care may cost. so i never missed a beat. we're more than 78,000 people looking...
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thank you, susan. >>> ben bernanke also had big news for investors. the feds taking unprecedented action in keeping interest rates at their record-low levels. erica ferrari is here in new york with that. erica, good morning to you. >> good morning, terrell. for the first time ever, the fed said they would link its actions to specific economic milestones. they said they'll keep the interest rate to 0% until the unemployment rate falls to below 6.5%. the jobless rate may not reach that point until 2015. it's at 7.7% now. rates will also stay low as long as inflation remains below 2.5%. the fed will continue its program of spending $85 billion a month on bond purchases. all of these steps are aimed at spurring borrowing and lending. and news from the federallied most asian markets. tokyo's nikkei added 1.5%. hong kong's hang seng lost a quarter percent. the dow lost nearly 3 points. the nasdaq was down 8. and the u.s. is on track to run up its fifth straight deficit or manufacture than a trillion dollars. the treasury department says the budget gap rose
thank you, susan. >>> ben bernanke also had big news for investors. the feds taking unprecedented action in keeping interest rates at their record-low levels. erica ferrari is here in new york with that. erica, good morning to you. >> good morning, terrell. for the first time ever, the fed said they would link its actions to specific economic milestones. they said they'll keep the interest rate to 0% until the unemployment rate falls to below 6.5%. the jobless rate may not reach...
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and ben bernanke said household confidence is starting to wane. businesses aren't spending money because of the fiscal cliff. so it's so elusive. it's almost right there. next year could be a good year if we can get some of these uncertainties settled. >> thank you so much, christine. appreciate it. >>> 26 minutes past the hour. >>> without it, a lot of iphone users were lost without it. literally. the app that just made a big comeback. switchgrass in argentina, change engineering in dubai, aluminum production in south africa, and the aerospace industry in the u.s.? at t. rowe price, we understand the connections of a complex, global economy. it's just one reason over 75% of our mutual funds beat their 10-year lipper average. t. rowe price. invest with confidence. request a prospectus or summary prospectus with investment information, risks, fees and expenses to read and consider carefully before investing. he opened up jake's very private world. at first, jake's family thought they saved ziggy, but his connection with jake has been a lifesaver. f
and ben bernanke said household confidence is starting to wane. businesses aren't spending money because of the fiscal cliff. so it's so elusive. it's almost right there. next year could be a good year if we can get some of these uncertainties settled. >> thank you so much, christine. appreciate it. >>> 26 minutes past the hour. >>> without it, a lot of iphone users were lost without it. literally. the app that just made a big comeback. switchgrass in argentina, change...
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ben bernanke has become the jobs commander in chief. we've heard nothing but carping on air in the blog sphere as you the fed's latest actions today. i ska give me a break. bernanke said my legacy will be that i helped people get a job. and i care more about the unemployed than i do about taxing or not taxing the wealthiest 2%. further, bernanke's implied with this action to keep buying bonds. buy buy buy buy buy buy! to force interest rates to stay low until we get to a 6.5% unemployment? well, he's saying he's very worried about our country going over the fiscal cliff. and he's extremely anxious about how that new found mandated austerity will mean huge job losses. yeah. lots and lots of people not being able to pay for dinner. our network calculates that while there'll be some powerful initial debt reductions from the reduced spending and much higher taxes, going over this cliff women cost this country 2 million jobs. do you ever hear that during the day? 2 million jobs. a lot of jobs. which is why we believe congress and the preside
ben bernanke has become the jobs commander in chief. we've heard nothing but carping on air in the blog sphere as you the fed's latest actions today. i ska give me a break. bernanke said my legacy will be that i helped people get a job. and i care more about the unemployed than i do about taxing or not taxing the wealthiest 2%. further, bernanke's implied with this action to keep buying bonds. buy buy buy buy buy buy! to force interest rates to stay low until we get to a 6.5% unemployment?...
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when you look at what ben when you look at what ben bernanke did today you've got to marvel. the republicans themselves refuse to get specific on spending until they see something from the white house. the elected portion of our government is not helping this economy at all. their failure to rise above politics to reach a compromise is now really starting to hurt the u.s. economy. in this vacuum, the fed has decided to keep rates low. they stepped in saying listen, business, we are not going to get in your way. we're not going to allow interest rates to go higher until we get many hundreds of thousands of people hired! [ applause ] ben bernanke has become the jobs commander in chief. while i've heard nothing but carping on air in the blogosphere as you the fed's latest actions today. i say give me a break. bernanke said my legacy will be that i helped people get a job. and i care more about the unemployed than i do about taxing or not taxing the wealthiest 2%. further, bernanke's implied with this action to keep buying bonds. buy buy buy buy buy buy! to force interest rates t
when you look at what ben when you look at what ben bernanke did today you've got to marvel. the republicans themselves refuse to get specific on spending until they see something from the white house. the elected portion of our government is not helping this economy at all. their failure to rise above politics to reach a compromise is now really starting to hurt the u.s. economy. in this vacuum, the fed has decided to keep rates low. they stepped in saying listen, business, we are not going to...
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today is the day after ben bernanke unveiled big new money printing program. it is also his 59th birthday, no impact on the market obviously. yum! brands up slightly today. this is the company behind taco bell and kfc. goldman sachs upgrading the stock, says its recent problems in china, only temporary. at this price $68 a share. 68 they say heading higher. goldman is downgrading darden restaurants. t it says -- it says the turnaround at olive guaarden is slow. it is down. boston beer makes sam adams beer, it expects to make more money next year, simple reason it is selling more beer. the stock hit all-time high today. introducing the ishares core, building blocks for the heart of your portfolio. find out why 9 out of 10 large professional investors choose ishares for their etfs. ishares by blackrock. call 1-800-ishares for a prospectus which includes investment objectives, risks, charges and expenses. read and consider it carefully before investing. risk includes possible loss of principal. stuart: the federal reserve is going to start tying interest rates to
today is the day after ben bernanke unveiled big new money printing program. it is also his 59th birthday, no impact on the market obviously. yum! brands up slightly today. this is the company behind taco bell and kfc. goldman sachs upgrading the stock, says its recent problems in china, only temporary. at this price $68 a share. 68 they say heading higher. goldman is downgrading darden restaurants. t it says -- it says the turnaround at olive guaarden is slow. it is down. boston beer makes sam...
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bill gates, pope benedict, ben bernanke, saudi king. more on how the list was assembled and other details, forbes media ceo, mike, thanks for being with us. >> this is important to us because nothing personifies what we do at forbes like our power list. we're about success and the impact of people who achieve success have. we have ten editors who get together. we draw on a huge bank -- >> they always agree on everything. don't they? >> exactly. there is some subjectivity, i must admit. they talk about the number of people that someone influences. the amount of financial resources that they have. how many spheres they operate in, are they just financial or are tle political or philanthropic. the fourth criteria is do they act on their power, do they use their power. and if you look at -- >> that's the reason why bill gates would rank so high here is how he has used some of his financial power in the philanthropic sphere. it was interesting to me, "forbes" magazine, leading business magazine, most storied one maybe of all -- >> i have no
bill gates, pope benedict, ben bernanke, saudi king. more on how the list was assembled and other details, forbes media ceo, mike, thanks for being with us. >> this is important to us because nothing personifies what we do at forbes like our power list. we're about success and the impact of people who achieve success have. we have ten editors who get together. we draw on a huge bank -- >> they always agree on everything. don't they? >> exactly. there is some subjectivity, i...
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it's ben bernanke's birthday. happy birthday, ben. "squawk box" begins right now. >>> good morning and welcome back to south carolina here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. dino kosof, he's going to have a lot to talk about when it comes to what mr. bernanke just said. later in the program, we'll talk to pimco's kneneal ashkari. >>> a surprise from ben bernanke, linking unemployment to monetary policy. rates will be staying where they are right now, which is close to zero, of course. until at the very least the jobless rate falls to 6.5%. we can only cross our fingers wherefore when that might be. ben bernanke says these changes will make the central bank more transparent adding they can only help the markets. the central bank ramped up its asset purchase program adding $40 billion to its $40 billion a month purchases of mortgage-backed bonds. he spoke about the objectives during wednesday's news conference. >> the asset purchases and the rate increases have different objectives. the asset purc
it's ben bernanke's birthday. happy birthday, ben. "squawk box" begins right now. >>> good morning and welcome back to south carolina here on cnbc. i'm andrew ross sorkin along with joe kernen. becky is off today. dino kosof, he's going to have a lot to talk about when it comes to what mr. bernanke just said. later in the program, we'll talk to pimco's kneneal ashkari. >>> a surprise from ben bernanke, linking unemployment to monetary policy. rates will be staying...
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you had both ben bernanke. you had the minnesota fed chairman -- >> coach likota. >> thank you for bailing me out. >> liesman will be happy i knew that. >> the economy was getting better and the ten-year went from 1.8% all the way up to 2.40. what happened in april? you printed 68,000. the message of the market was wrong. fast forward to september, same thing. the announcement of qe3 was supposed to be reflationary. within one week it was the high of the s&p. >> let's go to stephanie link before we bring in the professor to decide if any of you are getting an "a" on this pone. >> i think the fed will continue to keep rates low because we're only growing gdp at 2.7%. we're looking at the fiscal cliff and austerity and he's doing what he can just to keep this thing afloat and to not go back into a recession. i think rates stay low for an extended period of time. i don't know if we get to 6.5% next year or in two years from now, but that's not -- it's not going to be like all of a sudden we get to 6.5 and bam, he
you had both ben bernanke. you had the minnesota fed chairman -- >> coach likota. >> thank you for bailing me out. >> liesman will be happy i knew that. >> the economy was getting better and the ten-year went from 1.8% all the way up to 2.40. what happened in april? you printed 68,000. the message of the market was wrong. fast forward to september, same thing. the announcement of qe3 was supposed to be reflationary. within one week it was the high of the s&p....
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. >> sreenivasan: ben bernanke also had several caveats. explain those? >> so ben bernanke, the fed chairman, was very clear that today's statement doesn't represent an abandonment of low inflation. he said, for example, that if inflation were to rise unexpectedly, over 2.5% in their own forecasts, that might be reason enough for them to start raising interest rates even if unemployment has not come down 206.5%. >> sreenivasan: markets traditionally love certainty. why didn't they embrace it today? >> i think markets are starting to question whether the fed actually has the ability to deliver on this commitment to low unemployment. they've got the interest rates at 0, they have trillions of dollars worth of bonds and still the economy is very, very weak. >> sreenivasan: going forward, are there things that we should be looking for as signs from the fed on what's going to happen or should we be paying more attention to unemployment rate? >> well, the fed has taken one more step today. they're doubling the amount of bonds they're buying by printing money. t
. >> sreenivasan: ben bernanke also had several caveats. explain those? >> so ben bernanke, the fed chairman, was very clear that today's statement doesn't represent an abandonment of low inflation. he said, for example, that if inflation were to rise unexpectedly, over 2.5% in their own forecasts, that might be reason enough for them to start raising interest rates even if unemployment has not come down 206.5%. >> sreenivasan: markets traditionally love certainty. why didn't...
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it will be difficult for ben bernanke or the fed chairman. it is not a problem right now. with the deficit and liquidity in the banking system i am not talking about 1.6 on the long term bond how about 1.6 at four? you will not get anybody else's attention. that is a political problem. noneconomic. and the two issues, that is what he told senator harkin. [inaudible] [laughter] [applause] >> why do you think i wrote to the book and? [laughter] >> host: if it is with the political campaign? >> he did not tell me about that before. [laughter] >> are you ready to be the chairmen again? >> i am a little old for that but you are a young man [laughter] >> host: fair enough. that is a structural problem. it is difficult to find the time. >> >> it is equally difficult because everybody is talking about it. nobody talks about a substantial tightening of fiscal policy. they talk about never never land. this is a big task for any new administration. >> in journalistic terms the big reveal of the book is your finding of high interest rates strong army and the white house. first of all,
it will be difficult for ben bernanke or the fed chairman. it is not a problem right now. with the deficit and liquidity in the banking system i am not talking about 1.6 on the long term bond how about 1.6 at four? you will not get anybody else's attention. that is a political problem. noneconomic. and the two issues, that is what he told senator harkin. [inaudible] [laughter] [applause] >> why do you think i wrote to the book and? [laughter] >> host: if it is with the political...
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. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central banks who have been doing so much, pumping money into the system to keep things going. s&p 500 up 13% so far this year. all of these uncertainties we talked about, the fiscal cliff, all of that stuff, it is because of the certainty of fed policy many people are telling me, also because they think on wall street the fiscal cliff will be avoided. they think on wall street the only thing left to do is a little bit of shouting over what the top rate will be. 36%, 37%. they think corporate taxes will come down and we know that that is in the latest sort of prop
. >> and you can thank big ben bernanke, the fed chief. a lot of people saying that the federal reserve and its herculean efforts to keep the economy moving is why stocks are up, why the economy is growing, and they're expecting the fed to announce new measures, new st stimulus to keep it going. so when you hear the catch phrase that the fed is the only game in town, the fed is the only game in town. around the world it has been central banks who are independent from governments, central...
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bernanke in there. on friday.t news >> unemployment report was better than expected but needs to be better than that. >> buzz in washington about whether susan rice or john kerry will be the next secretary of state and i'm told the president hasn't made up his mind yet and may not make up his mind until january. he wants to get the fiscal cliff business done with so don't be in a rush to await that decision. chris: when we return, the the week, will barack obama's scores in the second term be on foreign policy or here at home? chris: welcome back. syria, egypt and afghanistan are just the foreign policy challenges we already know about russia out china and there which brings us to the big question this week -- will the president's second term triumphs be abroad or here at home? >> i think his second term will be defined by foreign policy and looming confrontation over iran. chris: politco has spoken. >> despite all of the domestic issues, he will have a bigger role to play on the world stage and brought
bernanke in there. on friday.t news >> unemployment report was better than expected but needs to be better than that. >> buzz in washington about whether susan rice or john kerry will be the next secretary of state and i'm told the president hasn't made up his mind yet and may not make up his mind until january. he wants to get the fiscal cliff business done with so don't be in a rush to await that decision. chris: when we return, the the week, will barack obama's scores in the...
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the euro bounces on the news but stocks in europe are trading lower as ben bernanke warns monetary policy may not be enough to offset the damage if the u.s. economy goes over the fiscal cliff. >>> and the fed takes the new and surprising step in its ongoing efforts to boost the economy, tying interest rates directly to the u.s. unemployment rate. >>> plus, investors cheering the plan to save danone's plans to offset losses over the next two years. >> announcer: you're watching "worldwide exchange," bringing you business news from around the globe. >>> welcome to the program. coming up on today's show, we'll be plenty busy. we head out to tokyo where carry enjoji has been talking about the upcoming elections. then, we hone in on central london where one pilot project is living roof and major buildings. find out what green living can do go r to improve the area. >>> and today, the 1 billionth international tourist will reportedly arrive at a destination in the world. at 11:20 central time, we'll speak to the world travel council to find out why france is still the world's top destination bu
the euro bounces on the news but stocks in europe are trading lower as ben bernanke warns monetary policy may not be enough to offset the damage if the u.s. economy goes over the fiscal cliff. >>> and the fed takes the new and surprising step in its ongoing efforts to boost the economy, tying interest rates directly to the u.s. unemployment rate. >>> plus, investors cheering the plan to save danone's plans to offset losses over the next two years. >> announcer: you're...
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ben bernanke just throwing a trillion dollars at this and all of a sudden today everything is coming up roses. 2 t is frustrating. didn't want it believe it. and we saw the fiscal cliff hanging over. >> do you agree with that, michael? >> bernanke doesn't come out and display one side. he is trying to talk the market into being optimistic but not too optimistic. the take away that i really thought was critical yesterday, this whole target rate gives investors a map for how to invest over the next couple of years. i have a blog on cnbc right now that talks exactly about that issue. he essentially said you stay in bonds for a year, year and a half until unemployment starts to come down into the 6s. that point, you sell, put risk on. make sure you're international -- >> my question for you, michael, is a lot of our viewers have a lot of portfolios in fixed income assets. mutual funds or whatever. what should they be doing if anything now and what is the signal for them to act and do something? >> great question. all of this is theoretical until you operational it for investors. if you a
ben bernanke just throwing a trillion dollars at this and all of a sudden today everything is coming up roses. 2 t is frustrating. didn't want it believe it. and we saw the fiscal cliff hanging over. >> do you agree with that, michael? >> bernanke doesn't come out and display one side. he is trying to talk the market into being optimistic but not too optimistic. the take away that i really thought was critical yesterday, this whole target rate gives investors a map for how to invest...
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Dec 12, 2012
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the one thing we can be certain about is that ben bernanke is keeping his foot on the pedal right now. >> yeah, and john, when you compare what economists have forecasted when it comes to unemployment and what the fed is essentially forecasting. if you look at the officials and where they stand, 13 of the 19 officials say there won't be an increase likely until 2015, which would imply that the unemployment rate would remain above 6.5% for that amount of time. does that measure up with what wall street is forecasting? >> well, it measures up with what the fed is forecasting. i haven't looked at our own survey, which just came out. but the felt's fod's forecasts general little in lily in line street's. so, i think it does -- for me, one of the big questions is, all right, so, what happens once we get to that point? once we get to 6.5% unemployment, you know, the fed chairman said today that he thinks that the fed is likely to be able to move very gararadual to raise interest rates. of course, he's probably not going to be around. his term would have ended. but there's a risk that the fe
the one thing we can be certain about is that ben bernanke is keeping his foot on the pedal right now. >> yeah, and john, when you compare what economists have forecasted when it comes to unemployment and what the fed is essentially forecasting. if you look at the officials and where they stand, 13 of the 19 officials say there won't be an increase likely until 2015, which would imply that the unemployment rate would remain above 6.5% for that amount of time. does that measure up with...
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Dec 11, 2012
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if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to remember, of course, you have a change in voting control. it had been controlled by barry diller, it will now be controlled by liberty media. they will own 22% of the economics of trib adviser, but 57% of the total votes of the company, effectively controlling the company. so any thoughts you might have as a shareholder in erms it of the future takeover premium in terms of changing control. well, for now, don't expect them to go to the price that john malone and liberty are paying here. that's quite a price, $62.52 a share. we'll see what their stock does. we anticipate it will move up. but nowhere
if you're ben bernanke, why would you throw a curveball at this hour. we'll see. that press conference, a little more than 24 hours from now. >> we're continuing e inine ini more on trip adviser. look at the cnbc realtime exchange. we did see the features point to a higher open. here at the big board, coca-col coca-cola -- [ bell ringing ] >> and ringing the bell there. trip adviser, interesting deal, because the pricing at which the shares were bought. >> you've got to...
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Dec 12, 2012
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and bern bueno ben bernanke hasn transparent and telling people well in advance what he is going to do. the $85 billion should continue building up for our taxpayers balance sheet. >> susie: how does all of this play out in the markets. all of the bond buying, companies are still holding off from hiring and spending, and now the risk, possibly of a recession. how does it play out in the markets for 2013? >> what has happened, with all of this cash going into the market -- into the economy, not only from the u.s. fed, but from europe, from the central bank there, as well as from china, don't forget, so we've had this liquidity which has taken asset prices with the stock market and the bond markets, pricing it way up, it is actually helping housing after a long wait. moving into the future, there will be some reduction in really the fear that people have. it is not only a lack of confidence, but it is a fear of things going wrong. as we get day to day, i think the fed has been the only place in town to inject some optimism or feeling somewhat better in the general public, as well as in b
and bern bueno ben bernanke hasn transparent and telling people well in advance what he is going to do. the $85 billion should continue building up for our taxpayers balance sheet. >> susie: how does all of this play out in the markets. all of the bond buying, companies are still holding off from hiring and spending, and now the risk, possibly of a recession. how does it play out in the markets for 2013? >> what has happened, with all of this cash going into the market -- into the...
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Dec 13, 2012
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fed chairman ben bernanke has announced rates will remain ultralow until the jobless rate drops below 6.5%. something that he says might not happen for at least three more years. >>> and the owners of more than 800,000 honda vehicles are going to be getting recall notices soon because their vans or suvs could roll away, even with the key removed. the recall covers the honda odyssey and pilot and the acura mdx, with various model years, from 2003 to 2006. now, the ignition defect could let drivers pull the key out with the vehicles still in gear. and off it rolls. >> scary thought. >>> if blaring commercials drive you crazy while you're watching tv, get ready for some relief starting today. a new volume control law aimed at ear-splitting ads, takes effect today. the c.a.l.m. act, c.a.l.m. standing for commercial advertisement loudness mitigation, requires ads to be within two decibels of the program. >> what does c.a.l.m. stand for again? >> i don't remember. >> can you keep it down? >>> and it's a red-letter day for iphone users who can't stand the apple map app, say that three times
fed chairman ben bernanke has announced rates will remain ultralow until the jobless rate drops below 6.5%. something that he says might not happen for at least three more years. >>> and the owners of more than 800,000 honda vehicles are going to be getting recall notices soon because their vans or suvs could roll away, even with the key removed. the recall covers the honda odyssey and pilot and the acura mdx, with various model years, from 2003 to 2006. now, the ignition defect could...
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. >> ben bernanke. >> ben bernanke is taking matters into his own hands to try to right the economy. so it's only boehner and his right wing republican conference which i don't understand the tactic at all. >> okay. mike, the white house said today the republicans haven't budged on the key issue, which is raising rates for the top 2%. >> right. >> so boehner may say ifs and buts are candy and nuts but where do they find themselves if we go over the cliff knowing that the president argued in the election over this central issue? >> reporter: two things. first of all, you know, i think regardless of what the polls say, this is a question of who looks the worst, not who looks the best. i think both sides in the end if we go over the cliff, if there is this economic catastrophe and i agree with bill, if we go over the cliff, they can come back and pass something retroactively. nothing is certainty point. i don't think anybody really wins in this scenario at all. so i think with regard to -- the one thing you have to keep in mind, you know, the average member of congress is not thinking s
. >> ben bernanke. >> ben bernanke is taking matters into his own hands to try to right the economy. so it's only boehner and his right wing republican conference which i don't understand the tactic at all. >> okay. mike, the white house said today the republicans haven't budged on the key issue, which is raising rates for the top 2%. >> right. >> so boehner may say ifs and buts are candy and nuts but where do they find themselves if we go over the cliff knowing...
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bernanke wall street they all they all want to piece of scala johanson slow. now to be clear here what hollywood accounting is and i used to work in hollywood so i know this is these big entertainment conglomerates basically for example the music music industry used to make money but they would hide all the profits in the losing sector or vice versa so wherever you wherever you were making profits you could make them disappear somewhere else so no movies ever make profits as well because they convince young ingenues to come out there or well known actors to participate in the film and what they do is they give them back and points they say will pay you in the profits and of course the films don't make profits because they make sure that it all goes to their expenses right it's accounting from you know booking some of the games early for games executives in the short term losses are amortize it to over insanity you know as it's all of this the worst excesses of accounting fraud but this is the model that's been picked up by corporations around the world general
bernanke wall street they all they all want to piece of scala johanson slow. now to be clear here what hollywood accounting is and i used to work in hollywood so i know this is these big entertainment conglomerates basically for example the music music industry used to make money but they would hide all the profits in the losing sector or vice versa so wherever you wherever you were making profits you could make them disappear somewhere else so no movies ever make profits as well because they...
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Dec 11, 2012
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fed chair ben bernanke has said if a budget deal can't be reached, there's little the central bank can do to offset the shock of those spending increases and tax cuts. >>> a strong sales report from mcdonald's offset wall street's worries about the fiscal cliff negotiations. the dow added 15 points while the nasdaq gained 9 points. >>> hsbc is paying a record $1.9 billion to settle a federal and state money laundering probe. the british bank was under investigation for allegedly transferring billions of dollars on behalf of iran which is under international sanctions. hsbc is also alleged to have laundered money from mexican drug cartels. under the terms of the settlement, the bank will avoid criminal prosecution if it meets certain requirements. >>> one of the more popular parts of president obama's health care law is a provision that stops insurance companies from turning down patients with pre-existing conditions, but it's going to cost the estimated 190 million americans who are already on health plans about $63 per person. the plan is to raise $25 billion over three years. most of
fed chair ben bernanke has said if a budget deal can't be reached, there's little the central bank can do to offset the shock of those spending increases and tax cuts. >>> a strong sales report from mcdonald's offset wall street's worries about the fiscal cliff negotiations. the dow added 15 points while the nasdaq gained 9 points. >>> hsbc is paying a record $1.9 billion to settle a federal and state money laundering probe. the british bank was under investigation for...
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bernanke of the federal reserve so not a good thing it's designed to stampede people here's the main idea you don't need to have genocidal austerity by cutting social security medicare medicaid unemployment benefits food stamps in particular there's one huge flow of wealth that has not ever been taxed in recent years it's called wall street if you look at the main zombie banks and wall street wells fargo bank of america citi bank goldman sachs they generally pay zero federal corporate income taxes that's one side they pay nothing over a period of ten years they might pay one and two percent at most but the other thing is the turnover in other words they're buying and selling their trading they're doing flash trading high frequency trading they're doing a million trades per second on one computer and they have many computers there's no sales tax on any of that the average person to buy a pair of shoes or some clothing or some electronics you're going to pay sales tax in america that range ranges between six percent and twelve percent it's just gone up again in california which is a re
bernanke of the federal reserve so not a good thing it's designed to stampede people here's the main idea you don't need to have genocidal austerity by cutting social security medicare medicaid unemployment benefits food stamps in particular there's one huge flow of wealth that has not ever been taxed in recent years it's called wall street if you look at the main zombie banks and wall street wells fargo bank of america citi bank goldman sachs they generally pay zero federal corporate income...
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Dec 12, 2012
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ben bernanke's news conference starts at 12:15 p.m. eastern time. steve joins us in a few minutes with the preview from washington. >>> another story with big implications is michigan's decision to become a righ"right work" state. it would bar members from requiring to pay member dues. the governor signed the law. >> shouldn't unions be putting out the proposition workers want to join a union and shouldn't workers be able to make a choice their dollars are going to that union based on whether they're getting results that. 's what this is doing. that's why i view this as pro worker, not anti-union. >> it is viewed as a big blow to organized union that has seen membership decline across the country. dow opened higher by 56, nasdaq by 13 and s&p by a little more than 7, a gain half a percent across the board. in asia, higher across the board, not a lot. hang seng did well, higher by 181 points. europe still open at this hour, higher across the board. a gain for germany and quarter percent for the ftse, fairly flat where decide iing he will longer be a
ben bernanke's news conference starts at 12:15 p.m. eastern time. steve joins us in a few minutes with the preview from washington. >>> another story with big implications is michigan's decision to become a righ"right work" state. it would bar members from requiring to pay member dues. the governor signed the law. >> shouldn't unions be putting out the proposition workers want to join a union and shouldn't workers be able to make a choice their dollars are going to that...
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Dec 11, 2012
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we're looking toward the fiscal cliff, possibly ben bernanke comes out and says more. it seems everyday we don't have a fiscal cliff deal we actually go higher in the stock market. i think we would go lower heading toward the deadline. the market looks strong, apple looks strong. $50 billion in revenue possible. we do look strong. coleman offers 1700 level. lot of activity in december. and they're expecting a huge move in the next week and a half. liz: no real fear in the market, so pretty significant blows around 15. bond yields are not doing anything exciting. do you look at that and say i am in? or do you say the fear trade is over? >> always at the volatility index and that is one of the gauges a look at it daily basis. basically levels of the s&p 500 futures the highest since obama was elected presidency. we sold awfully hard, we got back and possibly took some stocks off. we're reversing a little bit from the upside, selling off a little bit. the fiscal cliff are the two words that will be mentioned the most. we have costco earnings tomorrow, we'll keep an eye on
we're looking toward the fiscal cliff, possibly ben bernanke comes out and says more. it seems everyday we don't have a fiscal cliff deal we actually go higher in the stock market. i think we would go lower heading toward the deadline. the market looks strong, apple looks strong. $50 billion in revenue possible. we do look strong. coleman offers 1700 level. lot of activity in december. and they're expecting a huge move in the next week and a half. liz: no real fear in the market, so pretty...
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Dec 12, 2012
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the podium waiting for ben bernanke to make his announcement. steve is inside that room and we will have live coverage of that event for you sccoming up as "street signs" comes up at 2. ceo of destination wealth management, i know you will be waiting to see how the fed chief elab rates on the process of coming to these particular targets. >> yeah, it will be fascinating as reported already. we have historic targets. something very specific that people have been screaming for. when is unwinding going to happen? he set the targets now. we will see what the language is. >> very quickly. what three stocks do you think would be a good play given the environment we're in. >> three quick names. first of all, master card. master card will continue to
the podium waiting for ben bernanke to make his announcement. steve is inside that room and we will have live coverage of that event for you sccoming up as "street signs" comes up at 2. ceo of destination wealth management, i know you will be waiting to see how the fed chief elab rates on the process of coming to these particular targets. >> yeah, it will be fascinating as reported already. we have historic targets. something very specific that people have been screaming for....